Rich Habits Podcast – Q&A: Starting From Scratch, Patents, and WTF is TSLY

Intro

In this episode of the Rich Habits Podcast, the hosts address a variety of questions from their listeners. They express gratitude for their supportive community and provide valuable insights on topics such as investing, patents, and finding the right tax accountant. Listeners can expect to learn about building wealth, protecting intellectual property, and making informed financial decisions.

Main Takeaways

Investing for Financial Growth

• Invest in Roth IRA index funds and high yield savings to maximize financial growth.
• Consider using public.com for treasury bills and cryptocurrency investments.
• Explore fundrise.com for real estate and innovation funds.
• Even starting at 35, with proper investments, it is possible to become a millionaire by age 67.

Covered Call ETFs and TSLY

• Covered call ETFs like TSLY offer passive income with an annual distribution yield of 50-55%.
• TSLY is a single stock covered call ETF that follows the stock of Tesla.
• Learn more about covered calls through resources like Investopedia and YouTube videos.
• SoFi is an affordable option for writing covered calls in 100 shares.

Patents and Trademarks

• When launching a product, consider patenting and trademarking it to protect against copycats.
• Design patents can be a more affordable option compared to utility patents.
• Use Taylorbrands.com for trademarking the name and logo.
• Crowdfunding can be a viable option to raise funds for patent and prototype development.

Real Estate Investing

• Real estate investing can be done online through platforms like Fundrise.
• Fractional shares and different types of loans make real estate investing more accessible.
• Learn before diving into your own real estate project.
• Fannie Mae is launching a new 5% loan for buying up to four units in one property.

Finding the Right Tax Accountant

• Referrals, social media, and meetups are effective ways to find a reliable tax accountant or CPA.
• It is important to have a tax accountant or CPA who stays updated with modern laws and regulations.
• Consider switching accountants if you don’t feel comfortable or if they are not keeping up with current rules.
• Look for a younger accountant with a teaching mindset who can explain their recommendations.

Summary

Investing for Financial Growth

Starting late on the financial journey at age 35, Nico B seeks advice on the most optimal approach to invest in Roth IRA index funds and high yield savings. The hosts recommend these investment options, along with platforms like public.com and fundrise.com. They emphasize that even with a late start, proper investments can lead to millionaire status by age 67.

Covered Call ETFs and TSLY

The hosts introduce covered call ETFs, highlighting TSLY as an example that generates passive income with an impressive annual distribution yield. They explain that TSLY follows the stock of Tesla and suggest resources like Investopedia and YouTube videos for learning more about covered calls. SoFi is mentioned as an affordable option for writing covered calls.

Patents and Trademarks

The hosts discuss the importance of protecting intellectual property when launching a product. They suggest considering design patents as a more affordable alternative to utility patents. Taylorbrands.com is recommended for trademarking, and crowdfunding is presented as a viable option for raising funds for patent and prototype development.

Real Estate Investing

Real estate investing is explored as an option for building a portfolio. The hosts mention online platforms like Fundrise that make real estate investing more accessible through fractional shares and various loan options. They emphasize the importance of learning before diving into personal real estate projects and highlight Fannie Mae’s new 5% loan for purchasing multiple units in one property.

Finding the Right Tax Accountant

The hosts provide guidance on finding a reliable tax accountant or CPA. They suggest leveraging referrals, social media, and meetups to connect with suitable professionals. It is emphasized that accountants who stay updated with modern laws and regulations are crucial for long-term growth. They encourage listeners to seek accountants who are younger, have a teaching mindset, and can explain their recommendations.

Conclusion

The Rich Habits Podcast addresses a wide range of listener questions in this episode, covering topics such as investing, patents, trademarks, real estate, and finding the right tax accountant. Listeners are encouraged to take advantage of the valuable insights shared and to share the podcast with others. The hosts express their gratitude for the supportive community and invite listeners to leave a 5-star review.